Lord Abbett & CO. LLC Acquires 8,195 Shares of DoorDash, Inc. (NASDAQ:DASH)

Lord Abbett & CO. LLC grew its holdings in DoorDash, Inc. (NASDAQ:DASH) by 1.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 750,119 shares of the company’s stock after acquiring an additional 8,195 shares during the quarter. Lord Abbett & CO. LLC’s holdings in DoorDash were worth $107,064,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Franklin Resources Inc. raised its stake in DoorDash by 15.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,800,396 shares of the company’s stock valued at $570,135,000 after purchasing an additional 501,905 shares during the last quarter. Tri Ri Asset Management Corp bought a new position in shares of DoorDash during the 3rd quarter worth about $6,250,000. Tidal Investments LLC raised its position in shares of DoorDash by 19.9% during the third quarter. Tidal Investments LLC now owns 12,321 shares of the company’s stock valued at $1,759,000 after buying an additional 2,049 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of DoorDash in the third quarter valued at about $1,109,000. Finally, Sanctuary Advisors LLC grew its position in DoorDash by 48.8% during the third quarter. Sanctuary Advisors LLC now owns 10,663 shares of the company’s stock worth $1,522,000 after buying an additional 3,498 shares in the last quarter. 90.64% of the stock is owned by institutional investors.

Insider Transactions at DoorDash

In related news, Director Andy Fang sold 50,000 shares of DoorDash stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $143.76, for a total transaction of $7,188,000.00. Following the completion of the sale, the director now directly owns 18,089 shares of the company’s stock, valued at $2,600,474.64. The trade was a 73.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony Xu sold 54,166 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $140.06, for a total value of $7,586,489.96. The disclosure for this sale can be found here. Insiders sold a total of 793,196 shares of company stock worth $131,015,818 in the last quarter. 7.92% of the stock is owned by company insiders.

DoorDash Stock Performance

NASDAQ DASH opened at $175.09 on Friday. DoorDash, Inc. has a 52 week low of $93.33 and a 52 week high of $181.30. The stock has a market capitalization of $72.73 billion, a P/E ratio of -389.09, a price-to-earnings-growth ratio of 13.56 and a beta of 1.70. The stock has a fifty day moving average of $164.81 and a 200-day moving average of $135.41.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.17. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the company earned ($0.19) earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. Equities research analysts forecast that DoorDash, Inc. will post 0.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on DASH shares. Citigroup upped their price target on DoorDash from $155.00 to $211.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Raymond James assumed coverage on DoorDash in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $155.00 target price for the company. Needham & Company LLC raised their target price on DoorDash from $145.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JMP Securities boosted their price target on shares of DoorDash from $160.00 to $190.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, Barclays increased their price objective on shares of DoorDash from $120.00 to $163.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Ten analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $167.27.

About DoorDash

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.